Aeroports de Paris SA ADP

Morningstar Rating
€107.50 +3.20 (3.07%)
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Company Report

Price vs Fair Value

ADP is trading at a LOCK|q%W@nd premium.
Price
€104.30
Fair Value
c<@
Uncertainty
LOCK|<^!
1-Star Price
LOCK|^.$N
5-Star Price
>&k
Economic Moat
LOCK|K#sB
Capital Allocation
LOCK|W#XMZQ

Bulls Say, Bears Say

Bulls

ADP boasts a sector-leading retail platform, combining premium traffic, high spending per passenger, and proven commercial execution at its Parisian airports.

Bears

The regulators' hostility to ADP is a constant threat to its model. It rejected tariff increases in 2024 and 2025 despite the regulated aviation segment underearning its cost of capital.

News

Trading Information

Previous Close Price
€104.30
Day Range
€104.40–108.10
52-Week Range
€99.10–133.90
Bid/Ask
€106.50 / €108.00
Shares Outstanding
98.92M
Market Cap
€10.63B
Volume/Avg
152,279 / 107,771

Key Statistics

Price/Earnings (Normalized)
17.30
Price/Sales
1.53
Dividend Yield (Trailing)
2.88%
Dividend Yield (Forward)
2.88%
Dividend Payment Schedule
Jun
Total Yield
2.88%

Company Profile

Aéroports de Paris owns and operates Paris’ commercial airports, Charles de Gaulle, Orly, and Paris-Le Bourget, and has equity holdings in TAV Airports and GMR Airports. The Parisian airports operate under a hybrid-till regime, but there is no cross-subsidy, which leaves their commercial businesses largely unregulated. The Parisian business is split between regulated aviation activities, retail and services businesses, and real estate activities. In 2025, retail and services contributed 56% of the group’s operating profit, despite generating only 32% of the group’s sales. It has a relatively high contribution from its international segment among our European airport coverage, with 28% of group EBITDA deriving from overseas operations in 2025.
Sector
Industrials
Industry
Airports & Air Services
Stock Style Box
Mid Growth
Total Number of Employees
30,333

Competitors

Valuation

Metric
ADP
FHZN
FRA
Price/Earnings (Normalized)
17.3016.8514.80
Price/Book Value
2.391.981.09
Price/Sales
1.534.321.25
Price/Cash Flow
6.868.894.78
Price/Earnings
ADP
FHZN
FRA

Financial Strength

Metric
ADP
FHZN
FRA
Quick Ratio
0.961.481.49
Current Ratio
1.261.521.50
Interest Coverage
4.1016.442.16
Quick Ratio
ADP
FHZN
FRA

Profitability

Metric
ADP
FHZN
FRA
Return on Assets (Normalized)
3.24%6.43%1.99%
Return on Equity (Normalized)
15.67%11.60%7.93%
Return on Invested Capital (Normalized)
5.26%7.70%3.60%
Return on Assets
ADP
FHZN
FRA

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